Jack Welch is rolling over in his grave.
Imagine being Jeffrey Immelt, this guy.
Jeff Immelt, Asshat, General Electric
You take over for Jack, who at the time was considered to be the best CEO in American history. You barrel GE into a financial crisis in 2008 and then pivot away from finance and into energy, just before oil collapsed, and then get yourself booted from the Dow 30 for the pleasure of it all.
GE was the very first Dow component, starting the index in 1896. It has been the logo for American business for more than a century, the pinnacle of capitalism and corporate success. Now it’s being replaced by a fucking pharmacy (Walgreens) and its stock is down 60% over the past two years — the lowest level since 2009.
All of that ended, AND MORE, because of one man: Jeffrey Robert Immelt.
“No, please, don’t take $GE out of the Dow. I’ll suck your dick.”
Imagine the things they will say about him when he’s dead. It’s a damned shame.
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Jesus Christ. Big Pharma does run the world.
That Walgreens stock WBA is not exactly participating in the bull run, been all downhill since late 2016. AMGN may of been a better add.
Immelt was the fall guy. Welch set GE up to fail with whomever he handed off that pinless hand-grenade to. Welch was the Bernie Made-off of corporate financial engineering with GE beating the quarterly number by 1 penny every quarter for 20 years. Uh, not possible.
Welch was the criminal and Immelt the patsy.
That said, GE is finally a buy now that it’s been booted from the DOW.
Agree with all that except the buy part. And you can add the Board under Welch and Immelt in there too.
Also agree. And fuck Welch, inventor of the corporate Changing lean/ six sigma horseshit. Should have innovated instead of pushing that for years. Also they should have had a qualified successor in place instead of this idiot who I believe lead POS GE health care
really enjoyed the disgust in this post
remember those GE commercials where they were pitching themselves as a tech company, absolute joke and cringe worthy, who are they kidding!?!?!
Actually Jack Welch would be trying to get out of his grave, because he is not dead.
Besides that minor point, I agree with The Fly’s post and sentiment.
Welch left Immelt with a bag of rotting dicks. That said…Immelt is a cycle-blind dumbass who loved to divest low and acquire high.
Fuck Walgreens (20 year Walgreens Ex-Pharmacist)
B the looks of it, Immelt spent more time at the pastry bar in the country club clubhouse than he did at work.
Remember when Alcoa got booted off the Dow? Now look at it.